Can go side to side and up and down, as far as I can tell. The video on the website (at the bottom of the main page) has the newest model. I think the ones I linked has the soloshot 1, and the soloshot 2 is what they're selling now.

Pretty neat, I had looked at their youtube site last night. Looks like they even have models now that can follow the stars and even control the zoom level of certain cameras. Pretty awesome. I'd like to put this on my quadcopter. Imagine how cool!